Circle’s $24B IPO Sparks Ethereum Rally—But Cracks Are Forming
According to the ever-astute 10x Research, Ethereum’s price has soared with all the grace of a drunken peacock at a garden party. Yet, the underlying fundamentals are as flimsy as a paper umbrella in a monsoon. They attribute this meteoric rise to a rather alarming buildup in leverage and the aggressive posturing of derivatives traders, rather than any semblance of organic demand or protocol growth. Who knew that speculation could be so fashionable?